MOM PARK AND WEBC TRANSACTION
A fund managed by Morgan Stanley Real Estate Investing, in a consortium with Hungarian developer and investor Wing and Austrian shopping center specialist CC Real, has acquired a portfolio of prime retail and offices assets located in Budapest, Hungary from a fund managed by AEW Europe.
The portfolio consists of: MOM Park, a 50,000 sqm prime shopping mall and office property in a central Budapest location; the West End Business Center Offices, located at the beginning of the Váci Road; and EMKE, a smaller, ca. 13,700 sqm office building on the Pest side of Budapest. Terms of the transaction were not disclosed. The acquisition was financed by Germany’s PBB bank and the Austrian Erste Group.
“We are very pleased to have acquired the portfolio of high-quality assets in Budapest,” said Brian Niles, Head of MSREI EMEA. “This investment is consistent with our strategy of buying good quality assets with the potential to improve underlying performance through asset management initiatives. We look forward to working with Wing and CC Real to manage the asset as we seek to deliver additional value to our investors.”
Noah M. Steinberg, Chairman & CEO Wing said: „As a leading local property company, Wing represents world class international standards within the context of the Hungarian market. Our partnership with Morgan Stanley and CC Real reflects our professional approach and our financial stability. Our goal is to create functional, architectural and economic value in the Budapest real estate market through our work. Our excellent local team looks forward to achieving those goals with these assets.”
“The MOM-Park in Budapest is a good example for a successful local shopping destination. We see in MOM Park a high development potential,” said Fabian Kaufmann, Managing Director and shareholder of CC Real. “Together with our partners Morgan Stanley and Wing are we going to exploit the identified potential. The whole team is looking forward to that challenge.”